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Wave Analysis 03.05.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)

03.05.2016

Forecast for May 3rd, 2016

EUR USD, “Euro vs US Dollar”

Over the last several days, Eurodollar has been forming the wave (a) quite fast. Moreover, the internal structure of this Impulse indicates that it may yet continue. However, the price may start forming the local cor3ction in the wave (b) quite soon.

More detailed structure is shown on the H1 chart. It looks like the price is about to finish the third wave in the wave (a). Consequently, on Tuesday the market may start forming the correctional wave iv.

GBP USD, “Great Britain Pound vs US Dollar”

In case of Pound, the correction continues. The impulse in the wave (c) turned out to be much bigger than expected. It’s highly likely that in the nearest future, the market may continue moving upwards.

As we can see at the H1 chart, after finishing the horizontal triangle in the wave iv, Pound has resumed its growth. It’s highly likely that during the day the market may continue growing while forming the wave v of (c).

USD JPY, “US Dollar vs Japanese Yen”

Probably, Yen is still forming the diagonal triangle in the wave [v] of C. On the minor wave level, the price is about to complete the wave (iii), which may be followed by a complicated correction, i.e. the wave (iv).

More detailed internal structure of the wave (iii) is shown on the H1 chart. It looks like right now the pair is falling in the fifth wave, which may be followed by a new ascending correction.

AUD USD, “Australian Dollar vs US Dollar”

Probably, Australian Dollar has completed the wave (i). Earlier, the price formed the long bullish impulse in the wave [c] of 4. After finishing the local correction, the pair may start a new descending movement.

At the H1 chart, we can see that the internal structure of the wave (i), which has taken the form of the wedge, is not ideal, as its fifth wave is probably truncated. Considering this, one should wait until the price completes the correctional wave (ii) and starts the descending impulse in the wave i of (iii).

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.